To the Editor:
How many people can walk into a bank and get an unsecured loan for 3%?
I checked the rates at the Credit Union and found that personal loan rates are 7.9%. To get close to that interest rate you would have to secure it with something, like a new vehicle.
Yet some in town think that 3% is what the town should charge on unpaid taxes. How many people in town would think that it would be a good deal to simply not pay their taxes? A sweet, low interest loan and you don’t even have to fill out an application.
You can bet some will take the town up on that and it won’t be good for the town or for the people that might be enticed to do so.
That’s the reason most all towns are charging a 7% interest rate.
Can you imagine if NewPage decided that a low interst loan is something that would be good for them? As the largest taxpayer in the town, it would cripple town government. That’s no different than if a large number of people decided the to do the same thing.
Tom Bourett cares about the town and the people in in it. He brought a program to town where people can pay their tax bill in monthly payments, at 0% interest. All you have to do is keep up on your payments. That’s not the move of someone that wants to be punitive. That’s what a good tax collector does to help people stay current.
It’s important for people in their town to pay their taxes. It’s also important to stay current because we all know how difficult it can be to catch up once you fall behind. We all know that. Zero percent for paying your taxes and seven percent as an incentive to pay them is the right thing to do.